| Fair Value of Assets Measured on Recurring and Nonrecurring Basis |
The following
table sets forth by level, within the fair value hierarchy, the
Company’s financial assets accounted for at fair value on a
recurring and non-recurring basis (cash and cash equivalents,
goodwill, trademarks and customer relationships) as of December 31,
2012, and December 31, 2011:
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Fair value measurement
on a recurring basis |
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Total |
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Quoted Prices in
Activated Markets
for Identical Assets
(Level 1) |
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Significant Other
Observable Inputs
(Level 2) |
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Unobservable
Inputs
(Level
3) |
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December 31,
2012
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Cash and cash
equivalents
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$ |
84,729 |
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$ |
84,729 |
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$ |
0 |
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$ |
0 |
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|
| December 31,
2011 |
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Cash and cash
equivalents
|
|
$ |
94,410 |
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$ |
94,410 |
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$ |
0 |
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$ |
0 |
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Fair value measurement
on a non-recurring basis |
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Total |
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|
Quoted Prices in
Activated Markets
for Identical Assets
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level 2) |
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|
Unobservable
Inputs
(Level
3) |
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Total
loss |
|
| December 31,
2012 |
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Trademarks and Customer
Relationship (1)
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|
$ |
174,242 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
174,242 |
|
|
$ |
45,052 |
|
|
Goodwill (2)
|
|
$ |
213,629 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
213,629 |
|
|
$ |
327,847 |
|
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|
| December 31,
2011 |
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Trademarks (3)
|
|
$ |
52,090 |
|
|
$ |
0 |
|
|
$ |
0 |
|
|
$ |
52,090 |
|
|
$ |
127,692 |
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Goodwill (4)
|
|
$ |
413,231 |
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$ |
0 |
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$ |
0 |
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|
$ |
413,231 |
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$ |
930,127 |
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| (1) |
In 2012 trademarks and
customer relationships with a carrying amount of $219.3 million
were written down to their fair value of $174.2 million, resulting
in an impairment charge of $45.1 million, which was included in
earnings for the period. |
| (2) |
In 2012 goodwill with a
carrying amount of $ 541.4 million was written down to its fair
value of $213.6 million, resulting in an impairment charge of
$327.8 million, which was included in earnings for the
period. |
| (3) |
In 2011 trademarks with a
carrying amount of $174.0 million (excluding currency translation
adjustment of $5.8 million) were written down to their fair value
of $52.1 million, resulting in an impairment charge of $127.7
million, which was included in earnings for the period. |
| (4) |
In 2011 goodwill with a
carrying amount of $1,338.2 million (excluding currency translation
adjustment of $5.1 million) was written down to its fair value of
$413.2 million, resulting in an impairment charge of $930.1
million, which was included in earnings for the period. |
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